The United Nations Food and Agriculture Organisation (FAO)has forecast world rice production to reach 480 million tons in 2011, up 3% from last year on improved weather conditions.
Mohanty estimated current global rice inventory to be 25 million tons above levels seen two years ago, when the price of the staple hit record highs of $1,080 a ton in April 2008.
The benchmark Thai 100 percent B white rice fell by around 10% from around $548 to $550 in January this year and was pegged at $500 per ton this week.
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